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TVO Realty Sells Eighth Local Multifamily Property

HOUSTON-TVO Realty has sold its eighth Houston multifamily property, the 400-unit Stancliff Park. The owner has another Houston area property currently under contract and one still remaining in its portfolio.

By Jennifer Brenner Andrade | Updated on November 10, 2003

HOUSTON-TVO Realty Partners has sold its eighth multifamily property in Houston in three years. The 400-unit Stancliff Park in far southwest Houston has been sold to Houston-based CNC Investments Ltd.

Chicago-based TVO Realty has a ninth property under contract in nearby Lake Jackson, TX, and a tenth still sitting in its portfolio. TVO has attempted to offset its property sales with acquisitions in Houston, M. Todd Marix, SVP with the Houston office of CB Richard Ellis tells GlobeSt.com, but as yet has not acquired a multifamily property. Marix expects, however, that the firm will buy other properties in Houston in the future.

Marix, along with G. Craig LaFollette and J. Todd Stewart, also SVPs with CBRE’s Houston office negotiated the transaction for both sides. Marix says Stancliff Park, which is at 10350 Lands End Dr., was on the market for about 30 days and received 14 offers before being nabbed by CNC. The sales price was not disclosed, but the asking price was $16.5 million. The deal was closed about 45 days later, adds Marix, with new financing from Column Financial. Ken Lawrence with Lawrence Mortgage of Houston arranged the loan. Details of the financing were not disclosed.

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